In this episode, I continue my series on the top questions that we need to ask but rarely do. Starting right out of the gate we arrive at repairs which is by far my favorite method for phantom negotiating a great deal.
Phantom negotiating is the term I use to describe the use of psychology to impact how someone views something. In this instance, when I engage the seller or Broker in conversation about what repairs they honestly feel are needed it changes their view of the subject property. I ask them about the details of why they feel the repairs are needed and what they feel the cost would be.
You see, when the seller mentions it, the topic is no longer taboo to them because after all, they brought it up in the first place. That said, don’t belabor the topic because you must maintain good flow in the conversation for it to be fruitful. During the conversation, when the opportunity strikes, we can always circle back to the topic to get the answers we need or in this case to “plant the seeds”.
No matter what cost the seller says (even if ridiculously low) don’t let them feel you disagree at this stage. The point here is to let that number they spoke sink into their subconscious and do its work to reduce the seller’s impression of the value of the property.
So as not to spoil the episode, you will have to listen in to learn the rest of the topics I covered this week.